On October 1, 2016, the Chinese Yuan will become a world reserve currency alongside the “U.S. dollar, yen, euro, the British pound and the Swiss franc.” It will account for 10.92% of IMF total reserve currency.
The Chinese have been planning to become the world’s best economy for some time and this is the next step and a big one. They currently are the second largest world economy to the United States (of course). But they are doing many things including becoming an international reserve currency and establishing the Asian Infrastructure Investment Bank, which opened in January of this year.